0
2021
Health Insurance Market

Health Insurance Market

by Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others), Insurance Type (Diseases Insurance and Medical Insurance), Coverage (Preferred Provider Organizations (PPOs), Point of Service (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider Organizations (EPOs)), End User Type (Group and Individuals), and Age Group (Senior Citizens, Adult, and Minors): Global Opportunity Analysis and Industry Forecast, 2021-2028
Update Available On-Demand

Report Code: A03990
Pages: 260
May 2021 | 39044 Views
Author(s) : Aarti Goswami, Vaibhav Modi , Vineet Kumar
Tables: 145
Charts: 35
  • Formats*:

  • Single User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Health Insurance Market

Request Now !

The global health insurance market size was valued at $1.98 trillion in 2020, and is projected to reach $4.15 trillion by 2028, growing at a CAGR of 9.7% from 2021 to 2028. 

The unprecedented outbreak has accelerated the demand for COVID-19 specific as well as comprehensive health insurance among individuals, owing to sharp rise in medical costs and increased awareness towards policy benefits.

Health insurance covers medical expenses incurred during treatment of any disease, injury, or other mental & physical impairment. It acts as compensation in exchange for a monthly/semi-annual/annual premium or a payroll tax to provide healthcare benefits. The insurer is obliged to cover medical expenses for the policy holder up till the tenure and coverage of the policy. Depending on the policy, the coverage may vary for numerous factors, including diseases, age group, government policies, and others. 

Global-Health-Insurance-Market-Market

Increase in instances of several diseases, such as cancer, dengue, and diabetes, during the COVID-19 pandemic is considered as an important factor boosting the global health insurance market growth. In addition, improving claim management services and surge in awareness of health insurance in rural areas are some of the major factors that propel the market growth. However, lack of knowledge about coverages included in health insurance policy and increase in health insurance premium cost are some of the factors that limit the health insurance market opportunity. Furthermore, increased usage of advanced technology among healthcare professionals to treat chronic diseases, such as cancer and cardiovascular diseases, is expected to boost the medical treatment cost. Therefore, these high treatment costs become unaffordable to consumers and thus, adoption of health insurance is expected to grow tremendously in the coming years. 

The report focuses on growth prospects, restraints, and trends of the health insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the health insurance market.

Segment review

The health insurance market share is segmented on the basis of distribution channel, insurance type, coverage, end user type, age group, and region. By distribution channel, it is segmented into direct sales, brokers/agents, banks, and others. By insurance type, it is bifurcated into diseases insurance and medical insurance. Based on coverage, it is segregated into Preferred Provider Organizations (PPOs), Point of Services (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider Organization (EPO). By end user type, the medical insurance market is divided into group and individuals. Based on age group, it is segmented into senior citizens, adult, and minors. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Health Insurance Market
By Coverage

Your browser does not support the canvas element.

PPOs coverage accounted for the highest market share in 2020

Get more information on this report : Request Sample Pages

The report analyzes the profiles of key players operating in the health insurance market such as Aetna Inc., AIA Group Limited, Allianz, ASSICURAZIONI GENERALI S.P.A., Aviva, AXA, Cigna, Ping An Insurance (Group) Company of China, Ltd., UnitedHealth Group, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the health insurance industry.

COVID-19 impact analysis

The COVID-19 outbreak has impacted the life & businesses of all the individuals globally. The pandemic has increased the need for purchasing health insurance among customers to perceive better medical facilities & healthcare treatments amidst the growing spread of coronavirus. Furthermore, there is rapid growth in hospitalization due to the COVID-19 outbreak. Therefore, health insurance claims have increased tremendously. In addition, the spread of this health crisis across the globe is one of the major reasons behind the increase in health insurance premium as the situation has laid an enormous pressure on the insurance companies in the market.  

Health Insurance Market
By Age Group

Your browser does not support the canvas element.

Senior Citizens segment is projected as one of the most lucrative segments.

Get more information on this report : Request Sample Pages

Top impacting factors

Surge in awareness of health insurance in the rural areas

The health insurance market trends is accelerating in rural areas at a faster rate as it offers numerous benefits such as reimbursing the insured person’s illness treatment cost and paying a lump sum amount in prolonged case. In addition, customers in rural areas are more aware of health insurance comprehensive coverages, such as in-patient hospitalization expense, pre-hospitalization & post-hospitalization expenses, ambulance expenditures, and domiciliary hospitalization costs, which drives the market growth. Moreover, doctors and teachers in rural areas have increased the awareness of health insurance policy, which is propelling the growth of the health insurance market. Furthermore, government organizations, such as bank and co-operative bank, play a significant role to increase the penetration of health insurance products in rural areas as it delivers affordable insurance policy and streamlines the claim settlement process. Therefore, increase in awareness of health insurance in rural areas is propelling the growth of the market across the globe.   

Increase in health insurance premium cost  

Companies providing health insurance have increased the insurance premium cost, owing to rise in healthcare expenses such as cost of medicines, hospital admission charges, and cost of various other treatments. In addition, most of the consumers across the globe have been infected with several chronic diseases such as heart disease, Alzheimer’s, and diabetes. Healthcare professionals have been imposing huge cost for the treatments of such chronic diseases. Therefore, insurance companies are responsible to address massive claim settlement cost, which hinders the market growth.  

Health Insurance Market
By Region

2028
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 12.6% during 2021-2028

Get more information on this report : Request Sample Pages

Key benefits for stakeholders 

  • The study provides in-depth analysis of the global health insurance market share along with current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, & opportunities and their impact analysis on the global health insurance market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the health insurance market.
  • An extensive analysis of the key segments of the industry helps to understand the global health insurance market trends.
  • The quantitative analysis of the global health insurance market size from 2021 to 2028 is provided to determine the market potential.

Health Insurance Market Report Highlights

Aspects Details
BY DISTRIBUTION CHANNEL
  • DIRECT SALES
  • BROKERS/AGENTS
  • BANKS
  • Others
By Insurance Type
  • Disease Insurance
  • Medical Insurance
By Coverage
  • PREFERRED PROVIDER ORGANIZATIONS (PPOS)
  • POINT OF SERVICE (POS)
  • HEALTH MAINTENANCE ORGANIZATIONS (HMOS)
  • EXCLUSIVE PROVIDER ORGANIZATIONS (EPOS)
BY END USER TYPE
  • GROUP
  • INDIVIDUALS
BY AGE GROUP
  • SENIOR CITIZENS
  • ADULT
  • MINORS
By Region
  • North America  (U.S., Canada)
  • Europe  (Germany, France, Spain, Switzerland, Netherlands, Rest of Europe)
  • ASIA-PACIFIC  (China, India, Japan, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players AETNA INC., AIA GROUP LIMITED, ALLIANZ, ASSICURAZIONI GENERALI S.P.A., AVIVA, AXA, CIGNA, PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD., UNITEDHEALTH GROUP, ZURICH
 

Loading Table Of Content...


 
 

With increasing healthcare cost, insurers are facing huge challenges in terms of managing their claim process efficiently and reducing administrative cost. In addition, insurers are prioritizing real-time interaction management to keep customers engaged and providing mandatory provision of health insurance to public & private sectors, which are some of the major trends in the health insurance market. Moreover, healthcare system is known to be the backbone of economy for any country. Therefore, a better healthcare insurance policy promotes economic balance by providing medical assistance during emergency to the policyholders.

Since the outbreak of the COVID-19 pandemic, health insurance has become priority for individuals; and therefore, the demand for health insurance has significantly accelerated stability in a country’s economy. 

Availability of favorable health insurance landscape and access to multilevel health insurance policies accelerates the market growth in North America, particularly in the U.S. In addition, provision of health insurance to employees as a job benefit contributes toward the growth of the market. Furthermore, increase in middle-class population in developing countries, such as India and China, fuels the demand for health insurance, which serves as an emerging opportunity for the market in the coming years. 

Some of the key players profiled in the report include Aetna Inc., AIA Group Limited, Allianz, ASSICURAZIONI GENERALI S.P.A., Aviva, AXA, Cigna, Ping An Insurance (Group) Company of China, Ltd., UnitedHealth Group, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS
 

HAVE QUESTIONS?
SPEAK WITH ANALYST

 

FREQUENTLY ASKED
QUESTIONS?

 

DID YOU MISS ANYTHING?
DO YOU HAVE SPECIFIC REQUIREMENTS?

 

Download Free Sample

OR

Purchase Full Report of
Health Insurance Market

Start reading instantly.
This Report and over 18,877+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,713
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (May 2022 - May 2023)
  • Data Pack
  • $4,126
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (May 2022 - May 2023)
  • Single User
  • $5,770
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (May 2022 - May 2023)
  • Five Users
  • $6,930
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (May 2022 - May 2023)
  • Enterprise
    License/PDF

  • $10,665
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (May 2022 - May 2023)
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers